Compantes. [Ch. 31. No.1. 441

 

respects any liability attaching to any shares acquired by
her before that date, to contribute to the assets of the
company the same sum as she would have been liable to
contribute if she had not married, and he shall be a con-
tributory accordingly, and not otherwise.

(11) WINDING UP BY THE COURT.
Cases in which company may be wound up by Court.

161. A company may be wound up by the Court if— Circum-
(1) the company has by special resolution resolved which com-
that the company be wound up by the Court; fe wound up

(2) default is made in delivering the statutory >Y @u™

report to the Registrar or in holding the statutory
meeting ;

(3) the company does not commence its business
within a year from its incorporation, or suspends its
business for a whole year;

(4) the number of members is reduced, in the case of
a private company, below two, or, in the case of any
other company, below seven;

(5) the company is unable to pay its debts;

(6) the Court is of opinion that it is just and equitable
that the company should be wound up.

162. A company shall be deemed to be unable to pay its Definition of

debts— pay debts.
(1} if a creditor, by assignment or otherwise, to
whom the company is indebted in a sum exceeding
two hundred and forty dollars then due, has served
on the company, by leaving it at the registered office
of the company, a demand under his hand requiring
the company to pay the sum so due, and the company
has for three weeks thereafter neglected to pay the
sum, or to secure or compound for it to the reasonable

satisfaction of the creditor: or

(2) if execution or other process issued on a judg-
ment, decree or order of the Court in favour of a
creditor of the company is returned unsatisfied in
whole or in part; or